§ Mr. Arthur Lewis
asked the Chancellor of the Exchequer to what extent, if any, Her Majesty's Treasury is able to control the outflow of profits earned by foreign companies from factories in the United Kingdom; to what extent British taxation applies on such profits; and whether he will make a statement.
§ Mr. Peter Rees
The Treasury does not exercise any control over the remittance of profits abroad. Any such controls would tend to discourage investment in the United Kingdom.
Profits earned by foreign companies from factories in the United Kingdom are chargeable to corporation tax in the normal way.
There is nothing I can usefully add in a statement.